Asia Pacific Mining Limited (“APML” or “the Company”) is an exploration and mining-focused company accessing the geological wealth and potential of Myanmar.
For the past year, the Company has continued to progress its goal of securing projects that have world-class potential. We believe that we will be among the first Western-based companies to secure an exploration permit in Myanmar since the late 1990s.
AP-4 Exploration Permit
As announced previously our application for an exploration permit in Shan State was approved, in principal, by the Ministry of Mines in late 2012. The AP-4 exploration permit is subject to customary Ministry of Mines conditions such as receiving documentation from the provincial, district, and township levels in the Shan State.
We have worked closely with the Shan State government at the provincial, district and township level to secure the documentation required by the Ministry of Mines and this was successfully delivered to the Ministry of Mines in early June 2013.
Myanmar is a country in transition and new legislation is being introduced all the time to demonstrate to the rest of the world that Myanmar is updating foreign investment law, mining regulations and environmental law to ensure that this regulatory environment meets international standards.
The introduction of the new regulations has had an impact on our application in that we are now required to provide a land survey map (prepared by the Shan State government) and to seek an opinion from the Ministry of Forestry and Environment.
We have commenced this process and are working closely with the Ministries involved to minimize the delay in our application process.
While it adds additional time to the process we remain confident that our application will be approved expediently.
New Copper Porphyry Applications: AP-8, AP-9 and AP-10
Myanmar is home to a number of truly world-class mineral deposits. One of the largest being the Monywa copper deposit—originally identified with a global resource of 1.85 billion tonnes grading 0.40% copper, located in the Sagaing Division of north-central Myanmar.
Recent analysis has demonstrated that Monywa may represent the northern extension of the prolific Indonesian porphyry belt into Myanmar. However, little exploration along strike from the Monywa deposit has taken place—save for a brief phase of early exploration work during the mid-1990s.
After analysis of APML’s extensive database and geologic library—including data from previous work programs north of the Monywa mine—APML staff concluded that good potential exists to find other deposits of similar scale to Monywa.
During April and May 2013, APML staff conducted two field visits to northern Sagaing Division, approximately 200 kilometres north of the city of Mandalay.
The initial visit confirmed the presence of operating, small-scale copper and gold mines in this district—confirming that the Monywa mineralized belt does indeed appear to extend significantly along strike.
During the second field visit, APML staff completed field traverses through a number of greenfields areas thought to be prospective for mineralization based on structure and geology. Strong indicators of mineralization were discovered in all three areas—including observed in-situ sulfides and extensive porphyry-style clay alteration, extending over kilometre-scale.
Based on these results the Company has submitted applications for these three areas, titled AP-8, AP-9 and AP-10. The applications are now lodged with the Ministry of Mines.
The Company believes that the working environment in Sagaing Division is very amenable to mining, with low population density and predominantly flat, arid terrain. Extensive infrastructure development has been taking place in the region over the last several years, spurred by logging activity.
APML believes these new targets provide the Company additional opportunities for the discovery of truly world-class mineralized bodies.
Cash Balances and Expenditures
During calendar year 2012, the Company was able to raise $USD 3.96 million net of financing costs. At the end of July 2013, the Company had $USD 3.33 million in cash balances. We will continue to be diligent with the money our shareholders have entrusted us with.
On behalf of APML’s management and directors, we wish to thank our shareholders for their support and enthusiasm during this exciting period. The Company is in the process of realizing its vision of becoming the premier exploration mining company in Myanmar.
Chief Executive Officer
+65 9834 6808